Vietnam, Australia Boost Fintech Cooperation Opportunities

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Photo: VNA

The Asialink Business Centre under Australia’s University of Melbourne has announced to commence a new capability development program, aimed at building awareness and positioning Australian business to engage in Vietnam’s fintech sector.

The program is jointly held by Asialink Business, the Australian Department of Industry, Science, Energy and Resources (DISER), and the Australian Trade and Investment Commission (Austrade).

The program will complement and support the Australia-Vietnam Enhanced Economic Engagement Strategy. This strategy, due for completion in late 2021, will solidify Australia and Vietnam’s shared commitment to trade and investment, liberalization, and economic connectivity, and help both countries take advantage of emerging market opportunities.

Asialink Business stressed that Vietnam has the fastest-growing middle class in Southeast Asia, a COVID-resilient GDP growth rate (2.9 percent in 2020), and a young population that readily embraces new technology.

While the country has suffered from COVID-19, the pandemic has also accelerated the uptake of digital services. In 2020, more consumers moved online and tried new digital services for the first time, for example, in health tech, edtech and fintech, helping to fuel the growth of 29 percent in the country’s digital economy.

According to the centre, demand amongst Vietnamese banks for technical and commercial expertise is growing, with many looking to partner with domestic and international fintech businesses to provide innovative customer solutions. Australian businesses may be well-placed to meet this demand.

However, to make the best use of the opportunities, Australian businesses need to be strategic in their approach.

Navigating Vietnam's fintech opportunities requires a well-thought-out strategy that helps Australian enterprises invest time and resources to understand Vietnam’s people and businesses, and be ready for localizing products in Vietnam’s market, said the center.

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